Lifetime financial product

ABSTRACT

A system and method that offers a simple product solution for managing financial risks in retirement is provided. The product solution combines a uniquely structured deposit product (e.g., certificate of deposit (CD)) together with an insurance policy (e.g., group longevity insurance policy) to guarantee a lifetime stream of income to a customer.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a Continuation of pending U.S. patent applicationSer. No. 12/235,897 entitled “LIFETIME FINANCIAL PRODUCT” and filed Sep.23, 2008. The entirety of the above-noted application is incorporated byreference herein.

BACKGROUND

A certificate of deposit (CD) refers to a time (or term) deposit which,most often, cannot be withdrawn (without penalty) until the expiry of adesignated period of time or ‘term.’ CDs are offered to customers byfinancial institutions such as banks, credit unions, etc. During theterm, the CD funds earn interest, usually a higher interest rate thanthat available via conventional savings accounts.

Similar to conventional savings accounts, CDs are insured by the FDIC(Federal Deposit Insurance Corporation) or NCUA (National Credit UnionAdministration), therefore, they are virtually risk-free. The term of aCD can vary, for example, three months, six months, one year, two years,up to 5 years or greater. During the term, in exchange for agreeing toleave the money in the CD, the customer is usually offered a higherfixed interest rate than is available for monies available forwithdrawal on-demand (e.g., savings accounts), although, adjustablerates are sometimes available as well.

Today, there are many financial options available to retirees as well asto those planning for retirement. While many individuals employconventional mechanisms such as interest-bearing savings and mutual fundaccounts, many have opted to use CDs to assist in funding theirretirement. Most often, individuals rely upon the interest of CDs tofund their living expenses. In other words, once a CD matures, theprincipal is often rolled into another CD while the accrued interestbecomes available living expenses. As can be imagined, this cycle cancontinue and enable a retiree to fund, or otherwise supplement,retirement expenses.

Unfortunately, this practice can be problematic for individuals whocannot generate enough income for their basic retirement living expensesor do not know how to manage their savings to last their lifetime. Theyend-up in an attempt to insure their own longevity by diligentlyshopping financial institutions for the highest interest rate possiblein attempt to maximize income. This is also a problem for financialinstitutions. As will be understood, this rate is not always availableat the same financial institution. Thus, money is often moved from bankto bank throughout the cycle thereby reducing the ‘stickiness’ (e.g.,retention) of funds for the institution.

SUMMARY

The following presents a simplified summary of the innovation in orderto provide a basic understanding of some aspects of the innovation. Thissummary is not an extensive overview of the innovation. It is notintended to identify key/critical elements of the innovation or todelineate the scope of the innovation. Its sole purpose is to presentsome concepts of the innovation in a simplified form as a prelude to themore detailed description that is presented later.

The innovation disclosed and claimed herein, in one aspect thereof,comprises a system and/or product (and corresponding methodology) thatemploys a uniquely structured certificate of deposit (CD) product tooffer an individual guaranteed lifetime income. In particular examples,the innovation couples a “payout” CD with longevity insurance (oralternatively an annuity) to effectively guarantee a lifetime stream ofincome. In accordance therewith, systematic withdrawals can be takenfrom the CD over the course of a customer's retirement years until thebalance is depleted. The amount of the systematic withdrawal may bedesigned to remain the same, regardless of changes in interest ratesupon renewal of the CD. Upon balance depletion, the insurance continuesthe established withdrawal payments for the remaining lifetime of thecustomer. In the event the client takes an additional withdrawal fromthe CD during the payout period, the guaranteed withdrawal amount can bereduced accordingly.

In another aspect of the subject innovation the innovation provides afinancial vehicle by which a customer can generate income for theirlifetime through a uniquely designed financial product. The productcombines uniquely structured CD products with longevity insurance toprovide a customer with a lifetime payout. Conventional CD productsrequire customers to remain invested in the CD until the end of the CDterm (e.g., its “maturity”). In a conventional CD, withdrawals occurringprior to maturity are subject to an early withdrawal penalty. The“payout” CD product is designed to generate systematic withdrawalsduring the CD term that are exempt from early withdrawal penalties.Thus, customer's financial security can be addressed by providing alifetime stream of income while, at the same time, increasing the‘stickiness’ (e.g., retention) of money for financial institutions.

In yet another aspect thereof, a machine learning and reasoningcomponent is provided that employs a probabilistic and/orstatistical-based analysis to prognose or infer an action that a userdesires to be automatically performed.

To the accomplishment of the foregoing and related ends, certainillustrative aspects of the innovation are described herein inconnection with the following description and the annexed drawings.These aspects are indicative, however, of but a few of the various waysin which the principles of the innovation can be employed and thesubject innovation is intended to include all such aspects and theirequivalents. Other advantages and novel features of the innovation willbecome apparent from the following detailed description of theinnovation when considered in conjunction with the drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 illustrates an example system that facilitates a lifetime streamof income in accordance with an aspect of the innovation.

FIG. 2 illustrates an example system that employs a user interface togather customer information in accordance with an aspect of theinnovation.

FIG. 3 illustrates an example analysis component in accordance with anaspect of the innovation.

FIG. 4 illustrates an example lifetime certificate of deposit (CD)product that guarantees a lifetime stream of income in accordance withan aspect of the innovation.

FIG. 5 illustrates an example flow chart of procedures that facilitatepackaging a lifetime CD product in accordance with an aspect of theinnovation.

FIG. 6 illustrates a block diagram of a computer operable to execute thedisclosed architecture.

FIG. 7 illustrates a schematic block diagram of an exemplary computingenvironment in accordance with the subject innovation.

DETAILED DESCRIPTION

The innovation is now described with reference to the drawings, whereinlike reference numerals are used to refer to like elements throughout.In the following description, for purposes of explanation, numerousspecific details are set forth in order to provide a thoroughunderstanding of the subject innovation. It may be evident, however,that the innovation can be practiced without these specific details. Inother instances, well-known structures and devices are shown in blockdiagram form in order to facilitate describing the innovation.

As used in this application, the terms “component” and “system” areintended to refer to a computer-related entity, either hardware, acombination of hardware and software, software, or software inexecution. For example, a component can be, but is not limited to being,a process running on a processor, a processor, an object, an executable,a thread of execution, a program, and/or a computer. By way ofillustration, both an application running on a server and the server canbe a component. One or more components can reside within a processand/or thread of execution, and a component can be localized on onecomputer and/or distributed between two or more computers.

As used herein, the term to “infer” or “inference” refer generally tothe process of reasoning about or inferring states of the system,environment, and/or user from a set of observations as captured viaevents and/or data. Inference can be employed to identify a specificcontext or action, or can generate a probability distribution overstates, for example. The inference can be probabilistic—that is, thecomputation of a probability distribution over states of interest basedon a consideration of data and events. Inference can also refer totechniques employed for composing higher-level events from a set ofevents and/or data. Such inference results in the construction of newevents or actions from a set of observed events and/or stored eventdata, whether or not the events are correlated in close temporalproximity, and whether the events and data come from one or severalevent and data sources.

As an introduction, the innovation can address financial concerns ofindividuals, particularly, in their retirement years. For instance,suppose a 67-year old retiree is trying to live on Social Securitypayments supplemented solely with investment earnings because sheworries that she will outlive her retirement funds. In this scenario,the retiree can purchase a Lifetime CD (certificate of deposit) from afinancial institution and begin to receive an additional monthly paymentalmost immediately. In accordance with the innovation, this additionalpayment can continue throughout her lifetime. The retiree now feelsconfident that she can cover her retirement living expenses. A longevitypolicy (or other income guarantee vehicle) that is included in theLifetime CD will continue to provide her a stream of income long afterthe CD is depleted.

Outliving retirement savings is a top concern for most people enteringretirement. By offering a guaranteed income starting at a predeterminedpoint in time, one of the biggest unknowns can be taken out of thecustomer's retirement planning strategy, namely how long their moneyshould last. The innovation, e.g., Lifetime CD product, combines thisfuture income guarantee with systematic withdrawals from a commonly usedbank deposit product, providing the client the ability to spend downtheir retirement assets without running out of income.

As will be understood, managing retirement income offers a significantopportunity for financial services firms. Although firms areaggressively preparing for and pursuing the ‘Boomer’ opportunity,providers are aligning to serve the affluent segment, leaving the massaffluent segments underserved.

In aspects, the Lifetime CD product of the innovation can target themass affluent market, a demographic with a heightened need to manageretirement income. However, it is to be appreciated that the Lifetime CDproduct may span across multiple market segments as most people in atarget age group (e.g., age 55 or older) are most often familiar withcertificates of deposit. Most of the affluent investors and certainlythe mass market investors are likely to require downside protections andincome generation solutions to complement, or, in some cases replacetraditional solutions.

Research has shown that households with between $100,000 and $500,000 innet worth hold 60% of their assets in bank products such as CDs. CDpenetration has been seen to be the highest (e.g., 33%) among theaffluent client base. The Lifetime CD will offer a winning combinationof a familiar product in a packaged solution, reasonable pricing, andsimplicity, obtained from a trusted brand.

Referring initially to the drawings, FIG. 1 illustrates a system 100that facilitates generation of a lifetime deposit product in accordancewith aspects of the innovation. As illustrated, the system 100 employs arevenue management system 102 to offer a lifetime financial product thatis capable of guaranteeing a stream of income throughout the life of acustomer. Essentially, the lifetime deposit product combines a depositproduct such as a certificate of deposit or CD together with aninsurance product such as longevity insurance.

The innovation offers a steady stream of dependable income to retireesand other customers. In other words, the innovation provides liquiditywith the ability to withdraw additional funds at any time, oftentimessubject to premature withdrawal penalty. By doing so, the Lifetime CDovercomes one of the primary barriers that prevent retirees from buyingincome annuities, loss of control.

As described above, in a conventional sense, a CD refers to a time (orterm) deposit which, most often, cannot be withdrawn without penaltyuntil the expiry of a designated period of time or ‘term.’ CDs areoffered to customers by financial institutions such as banks, creditunions, etc. During the term, the CD funds earn interest, usually ahigher interest rate than that available via conventional savingsaccounts. Unfortunately, the CD product does not lend itself to use asan effective and/or efficient retirement income planning mechanism. Forat least this reason, the innovation discloses a coupling of a depositproduct (e.g., “payout” CD) structured to accommodate systematicwithdrawals with an insurance product, for example, longevity insurancedesigned to guarantee the continuation of these systematic withdrawalsfor the customer's lifetime.

Longevity insurance essentially provides a manner by which apolicyholder can insure against financial ruin arising from longevity.The policy is designed to pay to the policyholder a benefit uponsurvival to a pre-established future age. Contrary to other life annuityproducts, longevity insurance, as known in the art, is a policy that isdesigned to pay out upon a policyholder reaching much later years, forexample, most often 80 or 85 years of age.

By combining a payout CD together with an income guarantee vehicle suchas longevity insurance, the owner (or policyholder) can be effectivelyguaranteed payment throughout their life regardless of the availabilityof principal in the CD itself. In other words, conventionally, manyelderly people would use CDs in an effort to fund their retirement yearsby living off the principal and/or interest. Unfortunately, once theprincipal and/or interest were exhausted, there were no additionalmonies available.

Referring first to an aspect that combines an annuity with a payout CD,it will be appreciated that, income annuities provide protection againstlongevity risk by pooling the mortality risk of everyone who purchasesan annuity. Some annuity purchasers will die before reaching theirnormal life expectancy, which offsets the costs to the insurer of payingincome to those who live longer than their normal life expectancy.However, despite offering a guaranteed income, no matter how long thepurchaser may live, the market for income annuities remains relativelysmall (e.g., accounted for $12 billion of the more than $212 billion inannuity sales in 2005).

Conventional annuity products can be complex and inflexible. Purchasingan annuity is not without risks—the purchaser loses control of theassets upon annuitization and the annuity premium may be forfeited tothe insurer upon death. Plus, the purchaser is exposed to credit riskfrom contracting with a single insurer.

Similarly, longevity insurance provides another option to obtainguaranteed income, typically starting after age 80-85, in exchange foran initial investment made some 20 years earlier. A basic, andtraditional, longevity insurance product has no death benefit, inflationadjustment or withdrawal options.

For both income annuities and longevity insurance, the terms of thefinancial product contracts that would offer the guarantees investorsfind attractive require that investors give up control over theirwealth. With the Lifetime CD, retirees will always have control overfunds held in the CD, and in lieu of a one-time up front premium paymentfor longevity protection, the Lifetime CD spreads the cost over the termof the CD withdrawals. More particularly, the innovation describescombination of a payout CD with an insurance product, such as an annuityor longevity insurance policy.

In aspects, the Lifetime CD offers a simple solution for managingfinancial risks, specifically, longevity, market and potentiallyinflation risks, in retirement through a combination of a groupinsurance policy and a bank deposit product. The bank product can be anautomatically renewable CD (e.g., payout CD) that supports systematicwithdrawals of principal in an amount anticipated to deplete the accountbalance at age 85 (or other specified age). In embodiments, the rateperiod may use a series of rate renewals (e.g., 5 year rate guarantee)or may include a single rate term. The systematic withdrawal rate willbe set based on factors such as the initial interest rate, and theclient's age. Interest is most often also distributed with thesystematic withdrawal. Interest accrued but not paid is added to thebalance until distributed in later years. The interest rate can beadjusted for ongoing payment of a fee (e.g., insurance premium) toguarantee continuation of payments once the CD balance is exhausted.Alternatively, ongoing fee payments can be deducted from the balance ofthe CD or another account.

In one example, the financial institution can own the “longevity policy”that provides the lifetime income guarantee. In other examples, thecustomer can own the policy. The policy will likely be underwritten by athird party. In yet another example, the insurance can be funded by thefinancial institution. Some benefits of the Lifetime CD are listedbelow:

-   -   Overcomes many of the barriers that prevent retirees from buying        income annuities—such as complexity and loss of control.    -   Offers steady stream of dependable income.    -   Allows retiree to spend down principal to maximize lifestyle        without fear of outliving their retirement savings.    -   Provides liquidity with ability to withdraw funds at any time,        subject to a premature withdrawal penalty.    -   Offers FDIC protection on covered balances in the CD.    -   Delivers better financial management for retirees, providing a        better living standard to those who would be hesitant to spend        down principal otherwise.

The Lifetime CD can be right for people who need a monthly income, justas they had when they were working. It would also appeal to people whofear they lack the financial expertise to make their savings last alifetime. The Lifetime CD can help people cope financially with severalrisks—longevity, market risk, and, potentially, inflation. The paymentstructure also helps add financial discipline to curb the risk ofoverspending for retirees who may find it difficult to resist the urgeto dip into the nest egg and withdraw too much too early. In the eventof a joint CD (e.g., husband and wife), adjustments may be made (forexample, systematic payments may be lower or the insurance premium maybe increased) to accommodate guaranteed lifetime withdrawals coveringboth spouses.

In accordance with the innovation described herein, a packagingcomponent 104 can be employed to combine a deposit product 106 togetherwith longevity insurance 108 based upon a customer's needs, desires orpreferences. This combination guarantees payment to a customerthroughout existence. In operation, the packaging component 104 can beemployed to calculate an installment payment rate or amount (or annuity)based upon a number of factors, including but not limited to, initial CDprincipal, applicable CD interest rate, age of customer, lifeexpectancy, etc. Additionally, the packaging component 104 can also beused to identify an appropriate longevity insurance policy or otherproduct that triggers to continue the payments upon depletion of CDfunds. Additionally, by design, the longevity insurance will be designedto trigger upon the policyholder either depleting their CD balancethrough the allowable systematic withdrawals or reaching a pre-definedage, e.g., 80 or 85. It is to be understood that the point at which thelongevity insurance (or annuity) kicks in will vary. The payout rateused to calculate the amount of systematic withdrawals may be based onthe initial interest rate and systematic withdrawals will continue atthat rate regardless of how interest rates change over time. Thus, itwill be appreciated that there may be no pre-defined age for theinsurance to take over. However, the initial payout rate will be setbased on assumptions regarding the overall duration of the CD.

With regard to a longevity insurance policy, the benefit is most oftenpaid in the form of an installment or annuity for the remainder of thepolicyholder's life. However, it is to be understood that, alternativepayment types and schedules can be provided in accordance with the termsof a specific policy. These alternative aspects are to be includedwithin the scope of this innovation and claims appended hereto.Essentially, the innovation can be viewed as a mechanism by whichretirees can hedge economically against living to an age at which theymay have diminished financial resources.

Turning now to FIG. 2, a block diagram of an example packaging component102 is shown in accordance with aspects of the innovation. As shown,packaging component 102 can include an analysis component 202, a depositproduct identification component 204 and an insurance identificationcomponent 206. Together, these sub-components (202, 204, 206) enableconfiguration of a financial product that can effectively protect thefinancial viability of a customer, for example, an elderly individual.

In operation, a user interface (UI) 208 can be employed to provide aninput mechanism by which a user (e.g., customer, financial planner . . .) can enter information. This information can be in response to along-term goal questionnaire or the like. Additionally, the UI can beemployed to provide a mechanism by which a user can prompt establishmentof a lifetime financial product. Additionally, or alternatively, theinformation can be retrieved from a store 210, application (not shown)or other suitable input mechanism. In all, the information can beprocessed by the analysis component 202 together with the depositproduct and insurance identification components (204, 206) to establisha lifetime financial product offering.

Once established, in the event that the customer opts to accept theoffering, the product can provide lifetime installment (or annuity)payments to the customer. As described above, the customer would commita principal amount into an applicable CD product. The CD will havepre-assigned or negotiated interest rate of return that may be tied to aspecified market index. Additionally, a longevity insurance policy canbe coupled to the backend of the CD such that, once the CD funds aredepleted, the insurance policy will trigger to provide the policyholderwith a lifetime benefit equal to (or substantially equal to) the CDinstallment payments. While the examples described herein are directedto a single deposit product, it is to be understood that the features,functions and benefits can leverage a ‘laddering’ technique of depositproducts without departing from the spirit and/or scope of theinnovation and claims appended hereto.

Additionally, it is to be understood that alternative payment amountscan be structured in accordance with the CD and/or insurance policy. Aswell, the frequency of payments can fluctuate as desired, pre-determinedor negotiated. Still further, payment amounts can fluctuate from paymentto payment based upon a product feature or a customer need, desire orthe like. Regardless of the amount or frequency of the payments, theoverall features, functions and benefits of the innovation are suchthat, once the CD funds are depleted, the insurance benefit is triggeredto continue payment throughout the life of the individual.

As well, cost of living and inflation factors can be considered incalculating applicable parameters (e.g., rate of return, premium amount,frequency of payment, amount of payment . . . ). Additionally, theanalysis component 202 can evaluate and otherwise factor in parametersincluding, but not limited to, life expectancy, mortality, lapse rate,administrative costs, interest rate trends, etc. These alternativeaspects are to be considered within the scope of the innovation andclaims appended hereto. FIG. 3 illustrates an example analysis component202 that incorporates these factors.

As shown in FIG. 3, analysis component 202 can include a calculationcomponent 302, an inflation projection component 304 and a cost ofliving projection component 306. Additionally, and optionally, theanalysis component 202 can include a machine learning and reasoning(MLR) component 308 that is capable of automating one or more featuresas described herein.

The calculation component 302 can effectively include logic that iscapable of establishing specifications for products based uponinformation received from a user, customer, candidate, application,store, etc. For instance, the calculation component 302 can be used toestablish applicable principal amount(s), installment amount(s) andfrequency, etc. based upon a customer's desire or preference. Inparticular examples, the calculation component 302 can consider acustomer's age, health, relationship with the financial institution,account status, or the like in establishing product parameters.

The inflation and/or cost of living projection components (304, 306)facilitate financial projections that permit compensation for economicchanges and/or fluctuations. Essentially, the components (304, 306) canaccess and evaluate economic information and standards therebyestablishing potential compensation factors. The factors can be employedto set, modify or otherwise adjust installment amounts, frequency, etc.associated with the features, functions and benefits of the innovation.

FIG. 3 also illustrates that analysis component 202 can include an MLRcomponent 308 which facilitates automating one or more features inaccordance with the subject innovation. The subject innovation (e.g.,installment amount modification, frequency . . . ) can employ variousMLR-based schemes for carrying out various aspects thereof. For example,a process for determining when/if to increase/decrease a frequencyamount can be facilitated via an automatic classifier system andprocess.

A classifier is a function that maps an input attribute vector, x=(x1,x2, x3, x4, xn), to a confidence that the input belongs to a class, thatis, f(x)=confidence(class). Such classification can employ aprobabilistic and/or statistical-based analysis (e.g., factoring intothe analysis utilities and costs) to prognose or infer an action that auser desires to be automatically performed.

A support vector machine (SVM) is an example of a classifier that can beemployed. The SVM operates by finding a hypersurface in the space ofpossible inputs, which the hypersurface attempts to split the triggeringcriteria from the non-triggering events. Intuitively, this makes theclassification correct for testing data that is near, but not identicalto training data. Other directed and undirected model classificationapproaches include, e.g., naöve Bayes, Bayesian networks, decisiontrees, neural networks, fuzzy logic models, and probabilisticclassification models providing different patterns of independence canbe employed. Classification as used herein also is inclusive ofstatistical regression that is utilized to develop models of priority.

As will be readily appreciated from the subject specification, thesubject innovation can employ classifiers that are explicitly trained(e.g., via a generic training data) as well as implicitly trained (e.g.,via observing user behavior, receiving extrinsic information). Forexample, SVM's are configured via a learning or training phase within aclassifier constructor and feature selection module. Thus, theclassifier(s) can be used to automatically learn and perform a number offunctions, including but not limited to determining according to apredetermined criteria when/if to increase or decrease an installmentamount, when/if to increase or decrease installment frequency, etc.

FIG. 4 illustrates an example graphical illustration of the lifetimedeposit product (e.g., lifetime CD) in accordance with the innovation.Essentially, FIG. 4 graphically illustrates that a CD can be combinedwith longevity insurance to effectuate a lifetime CD. In accordance withthe features, functions and benefits of the innovation, the lifetime CDproduct can provide a stream of income to an individual throughout theirlifetime. It will be appreciated that payments can be made by thefinancial institution, insurance company, third party or any combinationthereof without departing from the scope of the innovation describedherein.

In operation, the CD can provide periodic payments (e.g., installments,annuities) before, during and after a balance of the CD is depleted. Inother words, periodic installments can be provided in accordance with adetermined (or inferred) amount and frequency until the total value(e.g., principal and interest) of the CD is exhausted. Once exhausted, aperiodic payout can be paid in accordance with the terms of theapplicable longevity insurance policy. It is to be understood that thesepayments can be the same or different in amount and frequency as thosepaid under the CD. Essentially, the terms of the longevity insurance canbe used to set payment parameters post-CD.

FIG. 5 illustrates a methodology of establishing a lifetime depositproduct in accordance with an aspect of the innovation. While, forpurposes of simplicity of explanation, the one or more methodologiesshown herein, e.g., in the form of a flow chart, are shown and describedas a series of acts, it is to be understood and appreciated that thesubject innovation is not limited by the order of acts, as some actsmay, in accordance with the innovation, occur in a different orderand/or concurrently with other acts from that shown and describedherein. For example, those skilled in the art will understand andappreciate that a methodology could alternatively be represented as aseries of interrelated states or events, such as in a state diagram.Moreover, not all illustrated acts may be required to implement amethodology in accordance with the innovation.

At 502, a customer is identified, for example, a retiree or pre-retireewho would most likely fit the target class for a lifetime depositproduct. It will be understood that historical data can be used toidentify a customer. For instance, surveys can be conducted to identifyindividuals that conventionally used CDs to fund retirement and incomein their later years. As described above, many customers that originallyused CDs as a retirement investment (e.g., who live off the interest)often engage in rate shopping when their CDs reached maturity. This rateshopping decreased the ‘stickiness’ of money for financial institutions.Thus, the innovation, by providing an incentive of lifetime payments,can increase the ‘stickiness’ of money for financial institutions.Effectively, the innovation can shift the focus of CDs from a short-term‘investment’ to a vehicle to produce retirement income for the rest oftheir life.

Information that identifies the customer can be gathered at 504. Here, aUI or other information gathering technique can be employed to gatherdata. In other aspects, financial institution records can be employed toprovide data related to an existing customer. Data can include, but isnot limited to, name, age, identification numbers, account(s), length ofpatronage, cost of living, profitability, credit worthiness, outstandingdebts, etc.

The customer's goals can be gathered at 506. Here, information can begathered that identifies factors that can contribute to determination ofinstallment amount, frequency, etc. A decision is made at 508 todetermine if the customer fits the demographic for a Lifetime CDproduct. If not, the methodology returns to 502 to identify anothercustomer.

However, if the customer fits the target group, at 510, a depositproduct or product bundle can be identified that fits the customer basedupon age, desires, and other goal factors. It is to be understood that,in aspects the financial institution may require an account be opened,e.g., a checking account to be used in depositing systematic withdrawalsfrom the lifetime CD. For instance, for a customer that is currently 68years of age, a CD duration of 12 to 17 years (or even 20 years) may beappropriate. For another customer who is 70 years of age, a 10 to 15year CD duration may be appropriate. In either case, the final CD termwill expire when the account balance is exhausted or reaches apre-determined minimum amount, at which time longevity insurance cantake over. While many of the examples described herein are triggered andreliant upon a single individual's life (and age), it is to beunderstood that more complex products (e.g., Joint Lifetime CDs) can beprovided which correspond to additional individuals lives. Most often,these products will adjust insurance policy premiums or withdrawalamounts based upon the ages of the contracting parties. Thesealternative products are to be included within the scope of thisdisclosure and claims appended hereto.

At 512, the deposit product or CD is coupled to an appropriate insuranceproduct, for example, longevity insurance. It will be understood thatstandard insurance underwriting practices can be employed to select andattach an applicable insurance product. As described supra, once thevalue of the CD is depleted, the insurance can trigger to providepayments or installments throughout the customer's living existence. Itwill be understood that, if desired, riders can be employed tocompensate for factors such as, but not limited to, cost of livingincreases or inflation protection.

In alternative aspects, the customer can purchase the longevity productin conjunction with, but separate from, the CD. Here, the longevityinsurance can be packaged to the CD but, provided by a third partyinsurance company. In another example, a financial institution canindependently secure or guarantee the lifetime stream of income. Stillfurther, it is possible for the financial institution to guarantee thestream of income with the customer while insuring the funds itself witha third party insurance company.

Referring now to FIG. 6, there is illustrated a block diagram of acomputer operable to execute the disclosed architecture. In order toprovide additional context for various aspects of the subjectinnovation, FIG. 6 and the following discussion are intended to providea brief, general description of a suitable computing environment 600 inwhich the various aspects of the innovation can be implemented. Whilethe innovation has been described above in the general context ofcomputer-executable instructions that may run on one or more computers,those skilled in the art will recognize that the innovation also can beimplemented in combination with other program modules and/or as acombination of hardware and software.

Generally, program modules include routines, programs, components, datastructures, etc., that perform particular tasks or implement particularabstract data types. Moreover, those skilled in the art will appreciatethat the inventive methods can be practiced with other computer systemconfigurations, including single-processor or multiprocessor computersystems, minicomputers, mainframe computers, as well as personalcomputers, hand-held computing devices, microprocessor-based orprogrammable consumer electronics, and the like, each of which can beoperatively coupled to one or more associated devices.

The illustrated aspects of the innovation may also be practiced indistributed computing environments where certain tasks are performed byremote processing devices that are linked through a communicationsnetwork. In a distributed computing environment, program modules can belocated in both local and remote memory storage devices.

A computer typically includes a variety of computer-readable media.Computer-readable media can be any available media that can be accessedby the computer and includes both volatile and nonvolatile media,removable and non-removable media. By way of example, and notlimitation, computer-readable media can comprise computer storage mediaand communication media. Computer storage media includes both volatileand nonvolatile, removable and non-removable media implemented in anymethod or technology for storage of information such ascomputer-readable instructions, data structures, program modules orother data. Computer storage media includes, but is not limited to, RAM,ROM, EEPROM, flash memory or other memory technology, CD-ROM, digitalversatile disk (DVD) or other optical disk storage, magnetic cassettes,magnetic tape, magnetic disk storage or other magnetic storage devices,or any other medium which can be used to store the desired informationand which can be accessed by the computer.

Communication media typically embodies computer-readable instructions,data structures, program modules or other data in a modulated datasignal such as a carrier wave or other transport mechanism, and includesany information delivery media. The term “modulated data signal” means asignal that has one or more of its characteristics set or changed insuch a manner as to encode information in the signal. By way of example,and not limitation, communication media includes wired media such as awired network or direct-wired connection, and wireless media such asacoustic, RF, infrared and other wireless media. Combinations of the anyof the above should also be included within the scope ofcomputer-readable media.

With reference again to FIG. 6, the exemplary environment 600 forimplementing various aspects of the innovation includes a computer 602,the computer 602 including a processing unit 604, a system memory 606and a system bus 608. The system bus 608 couples system componentsincluding, but not limited to, the system memory 606 to the processingunit 604. The processing unit 604 can be any of various commerciallyavailable processors. Dual microprocessors and other multi-processorarchitectures may also be employed as the processing unit 604.

The system bus 608 can be any of several types of bus structure that mayfurther interconnect to a memory bus (with or without a memorycontroller), a peripheral bus, and a local bus using any of a variety ofcommercially available bus architectures. The system memory 606 includesread-only memory (ROM) 610 and random access memory (RAM) 612. A basicinput/output system (BIOS) is stored in a non-volatile memory 610 suchas ROM, EPROM, EEPROM, which BIOS contains the basic routines that helpto transfer information between elements within the computer 602, suchas during start-up. The RAM 612 can also include a high-speed RAM suchas static RAM for caching data.

The computer 602 further includes an internal hard disk drive (HDD) 614(e.g., EIDE, SATA), which internal hard disk drive 614 may also beconfigured for external use in a suitable chassis (not shown), amagnetic floppy disk drive (FDD) 616, (e.g., to read from or write to aremovable diskette 618) and an optical disk drive 620, (e.g., reading aCD-ROM disk 622 or, to read from or write to other high capacity opticalmedia such as the DVD). The hard disk drive 614, magnetic disk drive 616and optical disk drive 620 can be connected to the system bus 608 by ahard disk drive interface 624, a magnetic disk drive interface 626 andan optical drive interface 628, respectively. The interface 624 forexternal drive implementations includes at least one or both ofUniversal Serial Bus (USB) and IEEE 1394 interface technologies. Otherexternal drive connection technologies are within contemplation of thesubject innovation.

The drives and their associated computer-readable media providenonvolatile storage of data, data structures, computer-executableinstructions, and so forth. For the computer 602, the drives and mediaaccommodate the storage of any data in a suitable digital format.Although the description of computer-readable media above refers to aHDD, a removable magnetic diskette, and a removable optical media suchas a CD or DVD, it should be appreciated by those skilled in the artthat other types of media which are readable by a computer, such as zipdrives, magnetic cassettes, flash memory cards, cartridges, and thelike, may also be used in the exemplary operating environment, andfurther, that any such media may contain computer-executableinstructions for performing the methods of the innovation.

A number of program modules can be stored in the drives and RAM 612,including an operating system 630, one or more application programs 632,other program modules 634 and program data 636. All or portions of theoperating system, applications, modules, and/or data can also be cachedin the RAM 612. It is appreciated that the innovation can be implementedwith various commercially available operating systems or combinations ofoperating systems.

A user can enter commands and information into the computer 602 throughone or more wired/wireless input devices, e.g., a keyboard 638 and apointing device, such as a mouse 640. Other input devices (not shown)may include a microphone, an IR remote control, a joystick, a game pad,a stylus pen, touch screen, or the like. These and other input devicesare often connected to the processing unit 604 through an input deviceinterface 642 that is coupled to the system bus 608, but can beconnected by other interfaces, such as a parallel port, an IEEE 1394serial port, a game port, a USB port, an IR interface, etc.

A monitor 644 or other type of display device is also connected to thesystem bus 608 via an interface, such as a video adapter 646. Inaddition to the monitor 644, a computer typically includes otherperipheral output devices (not shown), such as speakers, printers, etc.

The computer 602 may operate in a networked environment using logicalconnections via wired and/or wireless communications to one or moreremote computers, such as a remote computer(s) 648. The remotecomputer(s) 648 can be a workstation, a server computer, a router, apersonal computer, portable computer, microprocessor-based entertainmentappliance, a peer device or other common network node, and typicallyincludes many or all of the elements described relative to the computer602, although, for purposes of brevity, only a memory/storage device 650is illustrated. The logical connections depicted include wired/wirelessconnectivity to a local area network (LAN) 652 and/or larger networks,e.g., a wide area network (WAN) 654. Such LAN and WAN networkingenvironments are commonplace in offices and companies, and facilitateenterprise-wide computer networks, such as intranets, all of which mayconnect to a global communications network, e.g., the Internet.

When used in a LAN networking environment, the computer 602 is connectedto the local network 652 through a wired and/or wireless communicationnetwork interface or adapter 656. The adapter 656 may facilitate wiredor wireless communication to the LAN 652, which may also include awireless access point disposed thereon for communicating with thewireless adapter 656.

When used in a WAN networking environment, the computer 602 can includea modem 658, or is connected to a communications server on the WAN 654,or has other means for establishing communications over the WAN 654,such as by way of the Internet. The modem 658, which can be internal orexternal and a wired or wireless device, is connected to the system bus608 via the serial port interface 642. In a networked environment,program modules depicted relative to the computer 602, or portionsthereof, can be stored in the remote memory/storage device 650. It willbe appreciated that the network connections shown are exemplary andother means of establishing a communications link between the computerscan be used.

The computer 602 is operable to communicate with any wireless devices orentities operatively disposed in wireless communication, e.g., aprinter, scanner, desktop and/or portable computer, portable dataassistant, communications satellite, any piece of equipment or locationassociated with a wirelessly detectable tag (e.g., a kiosk, news stand,restroom), and telephone. This includes at least Wi-Fi and Bluetooth™wireless technologies. Thus, the communication can be a predefinedstructure as with a conventional network or simply an ad hoccommunication between at least two devices.

Wi-Fi, or Wireless Fidelity, allows connection to the Internet from acouch at home, a bed in a hotel room, or a conference room at work,without wires. Wi-Fi is a wireless technology similar to that used in acell phone that enables such devices, e.g., computers, to send andreceive data indoors and out; anywhere within the range of a basestation. Wi-Fi networks use radio technologies called IEEE 802.11 (a, b,g, etc.) to provide secure, reliable, fast wireless connectivity. AWi-Fi network can be used to connect computers to each other, to theInternet, and to wired networks (which use IEEE 802.3 or Ethernet).Wi-Fi networks operate in the unlicensed 2.4 and 5 GHz radio bands, atan 11 Mbps (802.11a) or 54 Mbps (802.11b) data rate, for example, orwith products that contain both bands (dual band), so the networks canprovide real-world performance similar to the basic 10BaseT wiredEthernet networks used in many offices.

Referring now to FIG. 7, there is illustrated a schematic block diagramof an exemplary computing environment 700 in accordance with the subjectinnovation. The system 700 includes one or more client(s) 702. Theclient(s) 702 can be hardware and/or software (e.g., threads, processes,computing devices). The client(s) 702 can house cookie(s) and/orassociated contextual information by employing the innovation, forexample.

The system 700 also includes one or more server(s) 704. The server(s)704 can also be hardware and/or software (e.g., threads, processes,computing devices). The servers 704 can house threads to performtransformations by employing the innovation, for example. One possiblecommunication between a client 702 and a server 704 can be in the formof a data packet adapted to be transmitted between two or more computerprocesses. The data packet may include a cookie and/or associatedcontextual information, for example. The system 700 includes acommunication framework 706 (e.g., a global communication network suchas the Internet) that can be employed to facilitate communicationsbetween the client(s) 702 and the server(s) 704.

Communications can be facilitated via a wired (including optical fiber)and/or wireless technology. The client(s) 702 are operatively connectedto one or more client data store(s) 708 that can be employed to storeinformation local to the client(s) 702 (e.g., cookie(s) and/orassociated contextual information). Similarly, the server(s) 704 areoperatively connected to one or more server data store(s) 710 that canbe employed to store information local to the servers 704.

What has been described above includes examples of the innovation. Itis, of course, not possible to describe every conceivable combination ofcomponents or methodologies for purposes of describing the subjectinnovation, but one of ordinary skill in the art may recognize that manyfurther combinations and permutations of the innovation are possible.Accordingly, the innovation is intended to embrace all such alterations,modifications and variations that fall within the spirit and scope ofthe appended claims. Furthermore, to the extent that the term “includes”is used in either the detailed description or the claims, such term isintended to be inclusive in a manner similar to the term “comprising” as“comprising” is interpreted when employed as a transitional word in aclaim.

What is claimed is:
 1. A lifetime certificate of deposit (CD) product,comprising: at least one processor coupled to a memory, the processorexecuting: a component that identifies a CD that offers a regularinterval payment during a term prior to one of maturity or balancedepletion, wherein a balance of the CD includes principal and interest;and a component that identifies a longevity insurance policy establishedconcurrently with the CD and that secures continuation of the regularinterval payment upon the earlier of the maturity or the balancedepletion.
 2. The lifetime CD product of claim 1, wherein the CD is aninterest-bearing CD and wherein the regular interval payment includes aninterest portion and a principal portion.
 3. The lifetime CD product ofclaim 2, wherein a duration coincides with exhaustion of the CD balancewhich is projected to occur at a pre-defined age or period of time. 4.The lifetime CD product of claim 2, wherein an initial or renewal termassociated with a CD term varies, and wherein the term of the CD is atleast one of three months, five years or greater than five years.
 5. Thelifetime CD product of claim 2, wherein the interval is annually.
 6. Thelifetime CD product of claim 2, wherein the interval is at least one ofbi-weekly, monthly, bi-monthly, quarterly or semi-annually.
 7. Thelifetime CD product of claim 2, wherein the longevity insurance policytriggers at a pre-defined customer age between 80 and 85 years or upon apre-defined event, wherein the pre-defined event is exhaustion of fundsin a balance of the CD.
 8. A revenue management system that facilitatesa lifetime income stream for a customer, comprising: at least oneprocessor coupled to a memory, the processor executing: a depositproduct identification component that identifies a deposit product basedat least in part upon an evaluation of the customer, wherein the depositproduct is an interest-bearing certificate of deposit (CD); and aninsurance identification component that identifies a longevity insurancepolicy based at least in part upon the evaluation and wherein thelongevity insurance policy is established concurrently with the depositproduct; wherein the deposit product or the longevity insurance policyguarantee the lifetime income stream based upon a life of the customer,and wherein the longevity insurance policy provides a guaranteed paymentof the lifetime income stream during the life of the customer uponexhaustion of an initial deposit associated with the deposit producttogether with applicable interest earned.
 9. The revenue managementsystem of claim 8, wherein: the deposit product offers the income streamto the customer as a function of an initial deposit together with aninterest rate; and the longevity insurance policy guarantees payment ofthe income stream during the life of the customer upon exhaustion of theinitial deposit together with applicable interest funds.
 10. The revenuemanagement system of claim 9, wherein the deposit product is aninterest-bearing certificate of deposit (CD) that is structured toprovide systematic withdrawals of principal and interest during a termof the CD.
 11. The revenue management system of claim 9, wherein thedeposit product is structured to have a duration covering one or moreautomatically-occurring renewals of the deposit product.
 12. The revenuemanagement system of claim 9, wherein the interest rate is a fixedinterest rate.
 13. The revenue management system of claim 9, wherein theinterest rate is a variable interest rate.
 14. The revenue managementsystem of claim 9, further comprising: an analysis component thatevaluates demographic information of the customer; wherein the depositproduct identification component identifies the deposit product based atleast in part upon the analysis, and wherein the insuranceidentification component identifies the longevity insurance policy basedat least in part upon the analysis of the demographic information. 15.The revenue management system of claim 14, further comprising acalculation component that computes an amount of the income stream. 16.The revenue management system of claim 15, further comprising aninflation projection component that estimates inflation based at leastin part upon economic factors, wherein the calculation component employsthe inflation in computation of the amount of the income stream.
 17. Therevenue management system of claim 15, further comprising a cost ofliving projection component that estimates a cost of living increase ordecrease based at least in part upon economic factors, wherein thecalculation component employs the increase or decrease in computation ofthe amount of the income stream.
 18. The system of claim 15, furthercomprising a machine-learning and reasoning component that employs atleast one of a probabilistic and a statistical-based analysis thatinfers the amount of the income stream based at least in part upondemographic information of the customer.
 19. A computer-implementedmethod, comprising: employing at least one processor that executes thefollowing acts; obtaining identifying information related to a customer;identifying a deposit product based at least in part upon a financialgoal of the customer; identifying an income guarantee vehicle based atleast in part upon the financial goal of the customer; establishing afinancial product that includes the income guarantee vehicle combinedwith the deposit product; and guaranteeing a lifetime income streambased at least in part upon the financial product.
 20. Thecomputer-implemented method of claim 19, further comprising identifyinga financial goal of the customer, wherein the financial goal is factoredinto the act of establishing the financial product.